PKR firms slightly in interbank trade

During the session, the rupee traded within a narrow range, touching an intraday high of PKR 278.30 and a low of PKR 278.25 against the greenback.

In the open market, exchange companies quoted the US dollar at PKR 278.25 for buying and PKR 279.30 for selling.

Against major international currencies, the rupee strengthened notably. It gained PKR 3.03, or 0.94%, against the Euro to settle at PKR 319.93, compared with PKR 322.96 in the previous session.

The local currency also appreciated against the British Pound, rising PKR 4.08, or 1.09%, to close at PKR 369.29 versus PKR 373.37 a day earlier.

Similarly, the rupee advanced PKR 4.66, or 1.33%, against the Swiss Franc, ending the session at PKR 347.07.

Against the Japanese Yen, the rupee improved by 0.55 paisa, or 0.32%, to PKR 1.7319 from PKR 1.7374 in the previous session.

The rupee also gained 3.67 paisa, or 0.09%, against the Chinese Yuan, closing at PKR 41.14 compared with PKR 41.18 previously.

Against regional currencies, the local unit appreciated by 1.30 paisa, or 0.02%, versus the Saudi Riyal to settle at PKR 74.14, while it strengthened by 0.73 paisa, or 0.01%, against the UAE Dirham to close at PKR 75.76.

On a fiscal-year basis, the rupee has appreciated by PKR 5.50, or 1.98%, against the US dollar. On a calendar-year basis, it has gained PKR 1.86, reflecting an appreciation of 0.67%.

Meanwhile, in the money market, the benchmark six-month Karachi Interbank Bid and Offer Rates declined by 12 basis points to 11.82% and 12.07%, respectively.